Operating income, excluding merger expenses, exit costs and the BlueNext tax settlement, was $170 million, down $42 million, or 20% compared to the fourth quarter of 2011 and included a $3 million negative impact attributable to foreign currency fluctuations. For the full-year 2012, operating income on the same basis was $743 million, a decrease of $263 million, or 26% compared to $1,006 million for full-year 2011 and included a $28 million negative impact attributable to foreign currency fluctuations.
Adjusted EBITDA, excluding merger expenses, exit costs and the BlueNext tax settlement, was $234 million, down $46 million, or 16% compared to the fourth quarter of 2011. Adjusted EBITDA margin was 42% in the fourth quarter of 2012, compared to 45% in the fourth quarter of 2011. For the full-year 2012, adjusted EBITDA on the same basis was $1,003 million, compared to $1,286 million for full-year 2011 representing a decrease of $283 million, or 22%. Adjusted EBITDA margin for the full-year 2012 was 43% compared to 48% in 2011.
Loss from associates is primarily related to New York Portfolio Clearing. Net (income) loss attributable to non-controlling interest consists primarily of net income attributable to NYSE Amex Options which was partially offset by the net loss attributable to NYSE Liffe U.S.
The effective tax rate for the fourth quarter and full-year 2012, excluding merger expenses, exit costs, direct costs of refinancing and discrete tax items, was 24% compared to approximately 26% for the fourth quarter and full-year 2011 excluding the same items and the BlueNext tax settlement.The weighted average diluted shares outstanding in the fourth quarter of 2012 was 244 million, down from 262 million in fourth quarter of 2011. During the fourth quarter of 2012, a total of 1.1 million shares were repurchased at an average price of $24.67 per share and for the full-year 2012, a total of 17.0 million shares were repurchased at an average price of $26.55.
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